Glu Announces Offer to Acquire Superscape

GluMobile developer and publisher Glu Mobile has announced an offer to acquire mobile developer and publisher Superscape. The acquisition of Superscape is to "considerably expand Glu's US presence and add significant development and publishing capabilities to Glu's existing resources." The offer price of 10 pence in cash for each Superscape share values Superscape's entire issued (and to be issued) share capital at approximately $36 million, or approximately $25 million when taking into account the $11 million of cash and equivalents held on Superscape's balance sheet as of October 31, 2007. Founded in 1993, Superscape ranked among the top five mobile games publishers in the United States during Q3 2007, according to the Mobile Games Report from Nielsen Mobile. Superscape is headquartered in San Clemente, California, has a production facility in Moscow and an office in Fleet, Hampshire, UK and has approximately 135 employees. The company has a white label partnership with Verizon Wireless and a mobile gaming community with Alltel. Superscape's portfolio includes both original and branded titles. Superscape's original titles include Gum Blox, Capone Casino, Sudoku, Paintball Challenge and Classic Mini Golf while its branded titles are based on brands from 20th Century Fox, Universal Studios and Sony Pictures Mobile and include Alien versus Predator, Fox Motocross, AMF Extreme Bowling, Dodgeball, Fight Club, Harlem Globetrotters and Independence Day. Greg Ballard, chief executive officer and president, Glu, commented, "This offer represents an important step in Glu's strategy to become the number one mobile games publisher in the world. Superscape's strong market position in the United States, heritage in 3D technology, and unique position as a leading white label publisher are a perfect complement to Glu's world-class global presence." Larry Quinn, chairman of Superscape, said, "I am very pleased that we have been able to reach agreement on the terms of this transaction, which I believe is the right strategic outcome for Superscape, offering certainty and value to our shareholders. I am confident that Superscape will make a significant contribution to the future of the combined business."